Suppose that the per hour worked form of the production function for an economy is given by y= 10k3. The depreciation rate is 19%, the saving rate is 29%, and the growth rate of labor hours is 5%. The steady-state capital-labor ratio for this economy is 35.14. (Round your response to two decimal places.) The steady-state real GDP per worker hour for this economy is 29.09. (Round your response to two decimal places.) The steady-state investment per worker is and the steady-state level of consumption is (Round your response to two decimal places.)

Suppose that the per hour worked form of the production function for an economy is given by y= 10k3. The depreciation rate is 19%, the saving rate is 29%, and the growth rate of labor hours is 5%. The steady-state capital-labor ratio for this economy is 35.14. (Round your response to two decimal places.) The steady-state real GDP per worker hour for this economy is 29.09. (Round your response to two decimal places.) The steady-state investment per worker is and the steady-state level of consumption is (Round your response to two decimal places.)

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter7: Economic Growth: Theory And Policy

Section: Chapter Questions

Problem 3DQ

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